Trying to render with GPU but it is not working
Only the 'Cycles' rendering engine can make use of the GPU. The 'Blender Render' engine (which you are using) only has the option to use CPU. 

You can change to the Cycles render engine on the top toolbar, but it is very different to the 'Blender Render' and objects will need different materials made for them:



Once 'Cycles' is chosen the 'Feature Set' and 'Device' settings will appear in the Render panel.